CAMBRIDGE, MA – A former UK Shadow Chancellor and Education Secretary; an expert in consumer financial protection; the Vice-Chairman of Investment Banking at Morgan Stanley; the former Group Chief Executive of Standard Chartered Bank; and Senior Vice President of Development at TechnoServe are among the incoming senior fellows being welcomed this fall at the Mossavar-Rahmani Center for Business and Government (M-RCBG) at Harvard Kennedy School. 

“Senior fellows are a vital resource to our center.  They bring valuable experience as practitioners, and their strong academic orientation enables them to provide significant insights.  In sum, their work here enriches our understanding of the business-government relationship,” said Richard Zeckhauser, Frank Plumpton Ramsey Professor of Political Economy and chair of M-RCBG’s fellows selection committee. “We welcome these new colleagues, and look forward to their effective interaction with our faculty, our students, and others engaged with the work of the center,” said John Haigh, M-RCBG Co-Director and HKS Executive Dean.

The Senior Fellows Program is designed to strengthen the connection between theory and practice as the center examines and develops policies at the intersection of business and government.  Every senior fellow is sponsored by a Harvard faculty member.  During their time at M-RCBG, they undertake a substantial research project and offer a study group for students. 

Incoming Fellows

Ed Balls was UK Shadow Chancellor from 2011 to 2015 and co-chaired the Inclusive Prosperity Commission with former US Treasury Secretary, Larry Summers, which reported in January 2015.  He served in the British Cabinet as Education Secretary (2007-2010). He was previously the UK Minister for Financial Services (2006-2007) and the Chief Economic Adviser to the UK Treasury (1997-2004), during which time he was the Chair of the IMFC Deputies and UK G20 Deputy.  He was the Labour & Co-operative Member of Parliament for Morley and Outwood (2010-2015) and MP for Normanton (2005-2010).  As Chief Economic Adviser to the Treasury (1997-2004), Balls led the design of policies including independence of the Bank of England, the New Deal jobs programme, the Five Tests Euro assessment, Sure Start, tax credits and the national minimum wage. As a Treasury Minister, he was commissioned by the G7 Finance Ministers to prepare a report with Sir Jon Cunliffe (now deputy Governor of the Bank of England) on Economic Aspects of the Israel-Palestine conflict.  At the Department for Children, Schools and Families, Balls brought together schools and children's policy for the first time in the Children's Plan and pushed through radical and progressive policies including raising the education and training age to 18, reform of the social work profession, establishing the support staff negotiating body and extra investment in youth services and short breaks for disabled children and their families.  As Shadow Chancellor, he was awarded the Spectator Parliamentarian of the Year and the Political Studies Association Politician of the Year.  Balls received his MPA from HKS in 1990, was a teaching fellow in Harvard’s Department of Economics (1989-90), and was a leader writer and columnist at the Financial Times (1990-94) where he was the WINCOTT Young Financial Journalist of the Year. He has also written regularly for the Guardian, New Statesman and Tribune and co-authored a number of books, papers, articles and pamphlets.  His faculty sponsor is Lawrence Summers, Charles W. Eliot University Professor of Harvard University and Director of the Mossavar-Rahmani Center for Business and Government.  _____________________________________________________________________

Jo Ann Barefoot is CEO of Jo Ann Barefoot Group, LLC. She has worked for over thirty-five years in private and public sector roles focused on consumer financial protection, inclusion, and technology. As Deputy Comptroller of the Currency she established the first federal consumer protection oversight function for national banks. She has served on the staff of the U. S. Senate Committee on Banking, Housing and Urban Affairs; was Co-chair of Treliant Risk Advisors; and was Partner and Managing Director at KPMG, leading the firm’s privacy practice and a nationwide consumer finance consulting group. Barefoot has advised all of America’s largest financial institutions, many other financial companies, various federal agencies, and numerous community banks and non-profits. She serves on the Consumer Advisory Board to the new federal Consumer Financial Protection Bureau; is a member of the board of the Center for Financial Services Innovation; and serves on advisory boards to several fintech startups.  She produces the podcast interview series Barefoot Innovation, speaks annually to thousands of people, has authored four books on bank regulatory matters and has published nearly 200 articles. She was the primary author of Common Ground -- Increasing Consumer Benefits and Reducing Costs in Bank Regulation, published by the University of Wisconsin. She was an International Visitor to the European Community and has worked in rural India with micro-finance and education in leprosy communities. Barefoot’s research project is entitled, “Regulation Innovation – Protecting Consumers through Technology and Trust,” and her faculty sponsor is Brigitte Madrian, Aetna Professor of Public Policy and Corporate Management.


Raymond Fisher recently received his MPA from Harvard Kennedy School and was previously a finance lawyer for 23 years, specializing in securities law.  His research focus at M-RCBG will be the regulation of non-bank financial institutions. Fisher graduated from Harvard College in 1985.  He spent a year in Cairo, Egypt as a Presidential Intern at the American University of Cairo before enrolling at New York University School of Law.  He received his JD from NYU in 1990 and his MA in politics from NYU in 1991.  His 2015 MPA from HKS was essentially a master’s degree in economics, with substantial work in macroeconomics, microeconomics, statistical analysis and financial regulation.  His legal career encompassed transactions for companies in North and South America, Europe, the Middle East, India and East Asia, representing both companies that were raising funds and the banks who were arranging the transactions.  He was a partner at three multinational law firms with considerable finance expertise:  Milbank Tweed in New York (focusing especially on Latin America), Linklaters in Frankfurt, New York and São Paulo and Ashurst in London.  His legal career gave him considerable exposure to financial regulation in a variety of jurisdictions, including the United States, the United Kingdom, numerous other European countries (especially Germany and Spain) and Latin America (especially Brazil).  Non-bank financial institutions account for the majority of assets in our financial system.  During his time as a senior fellow, Fisher will explore approaches to regulation of these institutions that promote efficiency and are minimally intrusive while enhancing economic stability and consumer protection.  His faculty advisor is Robert Glauber, Adjunct Lecturer of Public Policy.


Derek Kirkland is currently Vice-Chairman of Investment Banking at Morgan Stanley, where he has worked in the Financial Institutions Group (“FIG”) for almost 29 years, advising clients on their capital markets and M&A strategies. Morgan Stanley’s FIG business is broad; half of its revenues originate outside the US, and it works for both “incumbents” and “disrupters.” Kirkland’s career reflected that breadth, with long assignments in each of New York, London, and San Francisco.  His career was driven by waves of transactions as his clients responded to globalization, IT, and de-regulation, including: forming EU-wide and US national banks; developing US national and global insurers, and separating-out health insurers; creating a “Fin-Tech” industry; investing in Asia and Latin America in the last decade; and, not least, recapitalizing banks and insurers after the financial crisis, and selectively dismantling pan-European institutions.  Although his career was in financial services, Kirkland has kept an abiding interest in energy policy ever since studying for his MPP at HKS in 2003. Concerned about climate change and at the inadequacy of the US policy response, Kirkland intends to focus on the role of federally funded energy research as a tool to abate GHG emissions.  Prior to Morgan Stanley, Mr. Kirkland worked at Booz-Allen. He received an MPP from HKS in 2003 and a BA from Princeton in 1979.  He is a member of the board of the Third Way, a center-progressive think-tank. He is active in the Center for Responsible Growth, a small think-tank exploring the possibility of enacting a carbon-tax in the next Congress.  His faculty sponsor is William Hogan, Raymond Plank Professor of Global Energy Policy and Research Director of the Harvard Electricity Policy Group (HEPG).


Lawrence Makovich, IHS CERA Vice President and Senior Advisor for Global Power, is a highly respected expert on the electric power industry. He directs IHS CERA research efforts in the power sector as part of IHS CERA’s Office of the Chairman. He is an authority on electricity markets, regulation, economics, and strategy. His current research focuses on electric power market structures, demand and supply fundamentals, wholesale and retail power markets, emerging technologies, and asset valuations and strategies. Makovich is currently advising or has recently advised several large utilities in major strategic engagements. He has testified numerous times before the US Congress on electric power policy. He has advised the government of China on electric power deregulation and transmission in competitive markets, and the Brazilian Congress invited him to testify on power liberalization. He examined the impact of deregulation on residential power prices and the development of resource adequacy mechanisms in the IHS CERA Multiclient Study Beyond the Crossroads: The Future Direction of Power Industry Restructuring. He was also a project director for the IHS CERA Multiclient Study Crossing the Divide: The Future of Clean Energy, the author of the IHS CERA Multiclient Study Fueling North America’s Energy Future: The Unconventional Natural Gas Revolution and the Carbon Agenda, and the study director of the IHS CERA Multiclient Study Smart Grid: Closing the Gap Between Perception and Reality. Among Makovich's other significant IHS CERA studies are examinations of the California power crisis in Crisis by Design: California's Electric Power Crunch and Beyond California's Power Crisis: Impact, Solutions, and Lessons. Makovich has been a lecturer on managerial economics at Northeastern University's Graduate School of Business. He holds a BA from Boston College, an MA from the University of Chicago, and a PhD from the University of Massachusetts.  As a senior fellow, he will explore strategies to reframe power sector climate initiatives.  His faculty sponsor is William Hogan, Raymond Plank Professor of Global Energy Policy and Research Director of the Harvard Electricity Policy Group (HEPG).  


Stanley Marcuss is a partner at Bryan Cave. As counsel to the International Finance Subcommittee of the Senate Banking Committee in the early ‘70s, he played a central role in the development of legislation relating to export controls, antiboycott law, the Foreign Corrupt Practices Act and the Export-Import Bank. As Senior Deputy Assistant Secretary of Commerce in the late ‘70s, he headed U.S. antidumping and countervailing duty programs and administered U.S. export controls and antiboycott laws, as well as a variety of other international trade regulatory regimes. While in government, Marcuss was a member of the U.S. delegation to China that began negotiations for the first U.S.-China trade agreement and an end to the U.S. freeze on Chinese assets.  Marcuss’s law practice covers virtually all aspects of U.S. law pertaining to international trade and investment and includes such subjects as foreign bribery, international boycotts, economic sanctions, unfair trade practices, customs and U.S. import remedies. He has had experience in defending U.S. government civil and criminal investigations, appearing before U.S. appellate courts and establishing internal corporate compliance programs.  He has also published dozens of articles pertaining to subjects in his field.  Marcuss is a graduate of Trinity College in Connecticut, Cambridge University in England, where he was a Marshall Scholar, and the Harvard Law School.  He is an avid oarsman, sailor, and the head of a men’s a Capella chorus in Washington, D.C.  As a senior fellow, Marcuss will explore issues pertaining to public/private collaboration in urban revitalization, with a special focus on Washington, D.C., West Baltimore, and similarly situated environments. His faculty sponsor is John D. Donahue, Raymond Vernon Senior Lecturer in Public Policy. 


Peter Sands was Group Chief Executive of Standard Chartered Bank from November 2006 to June 2015.  He joined the Board of Standard Chartered PLC as Group Finance Director in May 2002, responsible for Finance, Strategy, Risk and Technology and Operations.  Prior to this, Sands was Director and Senior Partner at worldwide consultants McKinsey & Co. Before joining McKinsey, he worked for the United Kingdom’s Foreign and Commonwealth Office.  Sands is the lead non-executive board member of the Department of Health in the United Kingdom and the co-chair of the India UK CEO Forum. He holds a number of board memberships including the World Economic Forum and Lingnan University and is Governor of the National Institute of Economic and Social Research. He graduated from Oxford University and holds and MPA from HKS (1988), where he was a Harkness Fellow. As a senior fellow, Sands’ research will explore a variety of topics related to banks and financial markets.  His faculty sponsor is Richard Zeckhauser, Frank Plumpton Ramsey Professor of Political Economy.


Simon Winter is TechnoServe’s Senior Vice President of Development.  He is responsible for leading strategy, thought leadership, and business and program development.  He is also responsible for managing and incubating innovative programs, including around capital access for SMEs.  Previously he was Regional Director for Africa. He joined TechnoServe in 2003.  Winter was a management consultant with McKinsey and Company (1998-2003) during which he co-led the firm's international development practice.  He worked as an economic planner for the Botswana government, and a development consultant in Southern Africa.  He started his career with Barclays Bank plc in the UK, Cote d'Ivoire and Australia. Winter is a founding Executive Committee member of the Aspen Network for Development Entrepreneurs (ANDE), a Board Member of Root Capital, a steering committee member of the Initiative for Smallholder Finance, and a member of the Transformation Leaders Network of the World Economic Forum’s New Vision for Agriculture.  Winter originates from the UK and holds a PhD in economics from the School of Oriental and African Studies, University of London, 1998, which focused on the development of the manufacturing sector in Zimbabwe.  During his Senior Fellowship, Winter’s research will focus on understanding how we can change the global food system so that it can produce enough to feed the expected growing population in the face of climate change and produce positive impacts on workers and farmers across the system (especially in developing countries).  His faculty sponsor is William C. Clark, Harvey Brooks Professor of International Science, Public Policy, and Human Development. 


Our incoming visitors join returning senior fellows Ole Gunnar Austvik, Thomas Healey, Lewis Kaden, Marshall Lux, Karen Gordon Mills, and Paul Verdin.


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